We noticed a significant blind spot with a typical water insurance policy for buildings.
While a typical building insurance policy covers water damage, it typically does not include the cost of water leaks. However, water leaks increase the incidence of water damage. They also lead to water waste and put this valuable resource at risk. Ultimately, all of this leads to rising water bills.
In most cases, the increase in water consumption in buildings is due to undetected leaks rather than an increase in actual consumption. Shayp’s data on over 5,000 buildings shows that one in three buildings has leaks each year. On average, these leaks account for over 20% of water consumption. The city of Brussels, for example, lost 40% of its water consumption due to unreported or undetected leaking toilets, faulty pipes, HVAC systems, or even burst pipes.
Using data from networked water meters, Shayp uncovers water consumption anomalies in real-time and helps operators remedy the situation efficiently and quickly. Thanks to artificial intelligence (AI), Shayp has already helped many cities, hospitals, universities, major retailers and others quickly identify and fix leaks. As a result, customers have been able to improve their water efficiency by an average of 30%.
Now, thanks to bsurance, Shayp can insure these businesses against future undetected leaks.
Guaranteed environmental performance
Most technologies and services today promise benefits but are not held accountable if those benefits are not achieved. For example, we won’t hold a smoke detector accountable for fire damage or a car manufacturer accountable if we miss an appointment because our car broke down. The warranty may cover the functionality of the device, but it doesn’t guarantee its usefulness.
As Alexandre McCormack, CEO and co-founder of Shayp, puts it:
“Our goal at Shayp is to ensure the highest possible standard of water leak detection in buildings. We guarantee both the effectiveness of our technology and the results. The insurance built into our product means businesses never have to worry about undetected leaks or excessive water use again. We provide water efficiency as a service.”
The insurance is also a continuation of bsurance and Shayp’s sustainable philosophy. It is the first insurance that focuses on the preventive use of resources by preventing excessive water consumption and loss. In other words, the promise is that buildings equipped with Shayp will remain environmentally friendly.
And last but not least, how does the insurance work?